The coalition government's plans - sounds good

[Curlyben]

BBC News - Policy-by-policy: The coalition government's plans

Ban excessive interest rates on credit and store cards.
Introduce seven-day "cooling-off period" for store cards.
Make credit card companies provide better information to customers in "uniform electronic format that will allow consumers to find out whether they are receiving the best deal".
Measures to end "unfair" bank charges.
Enhance customer service in private and public sectors.
Introduce honesty in food labelling.
Household energy bills to provide information on how to move to cheapest tariff offered by supplier, and show energy usage compared to similar households.
Give Post Office Card account holders chance to benefit from direct debit discounts.

Sounds good, but I wonder if they have the ability to make anything retrospective on this matter.

[Budgie]

Re: The coalition government's plans - sounds good

Sent today to Vince Cable and copied to all re-elected MP's who signed his EDM

Dear Mr Cable,

Firstly, let me congratulate you on your General Election result and to wish you success in the role you will play in the coalition Government.

I am a team Member of the Consumer website Legal Beagles ( Legal Beagles - Guarding your Consumer Rights ).
Legal Beagles have been extremely active throughout the Bank charges campaign and test case and continue to work closely with the Office of Fair Trading and other regulatory bodies to achieve a fairer deal for Consumers.

We have recently received the legal opinion of Anthony Scrivener QC.
This was produced on a pro-bono basis following our instruction through Hausfields LLP.
I have forwarded this to you for personal review as I am aware of your interest in this matter.
Also attached are some notes on the issues of "good faith" and "unfairness".
We note that one of the new Government's policies is to introduce measures to end unfair bank charges so we would be pleased to receive your views on the attached 'opinion'.
The Legal Beagles team would also like to formally request a meeting with you to discuss any future action that the new Government might be able to take.

Kind Regards

Budgie

[Curlyben]

Re: The coalition government's plans - sounds good

You know what Bud, I was thinking along the exact same lines this morning, freaky..

[TUTTSI]

Re: The coalition government's plans - sounds good

Nice one Budgie.

[Budgie]

Re: The coalition government's plans - sounds good

OK this is what the BBC article says are the coalition government's plans in relation to Consumer issues.

CONSUMER PROTECTION
Ban excessive interest rates on credit and store cards. Introduce seven-day "cooling-off period" for store cards. Make credit card companies provide better information to customers in "uniform electronic format that will allow consumers to find out whether they are receiving the best deal". Measures to end "unfair" bank charges. Enhance customer service in private and public sectors. Introduce honesty in food labelling. Household energy bills to provide information on how to move to cheapest tariff offered by supplier, and show energy usage compared to similar households. Give Post Office Card account holders chance to benefit from direct debit discounts.

Need to see the actual published document to see what it specifically says about bank charges. If the Government are actually stating that they believe the charges are unfair I wonder what grounds of unfairness they are referring to.
Will be interesting, trying to locate actual published document !!!

[Curlyben]

Re: The coalition government's plans - sounds good

Well it would be here: Programme for Government
but they "bust" their own site this morning

Coalition agreement website exposes database password • The Register ooopsie

Saying that it's here: HM Government or direct download (PDF): http://www.cabinetoffice.gov.uk/medi..._coalition.pdf

This is the exact quote on Bank charges, page 13:

We will introduce stronger consumer protections, including measures to end unfair bank and financial transaction charges.

[Curlyben]

Re: The coalition government's plans - sounds good

All edited there Bud, with policies included

[Budgie]

Re: The coalition government's plans - sounds good

Thanks Curly

OK,

So if the new coalition Govt says that "We will introduce stronger consumer protections, including measures to end unfair bank and financial transaction charges."

Some ramblings .........

1) What they are actually referring to when they say unfair bank and financial transaction charges, it may or may not be that they are referring totally or even partially to unauthorised overdraft charges !
What other bank or financial charges could they be referring to ?

2) If they are actually referring to or including unauthorised overdraft charges then we need to know on what grounds the Govt consider these particluar charges to be unfair!

3) If they are referring to or including unauthorised overdraft charges and the grounds that the Govt consider them to be unfair are anything to do with price or any of the other possible reasons that could be deemed as falling under an unfair term banner under UTCCR1999 then it's game on as far as the reclaiming process is concerned. If unauthorised overdraft charges are unfair now ( according to the Govt ) then it's not a big step forwards to state that historic versions of those charges were also unfair.

Will be an interesting few months !!!!!!!!!!

[Curlyben]

Re: The coalition government's plans - sounds good

1) There's also late payment, overlimits, charges for meaningless letters, etc.
2) Exactly as they can't be deemed "unfair" as to the price, as per SC, but the trigger mechanism and subsequent rolling charges can certainly be seen as disproportionate.
3) Yes indeedy, happy days. So the game is seriously afoot now, can't wait..

[natweststaffmember]

Re: The coalition government's plans - sounds good

To clarify, why are they legislating for unfair charges if the Supreme Court allegedly said that they did not exist?
Very very odd!!!

Oh, and beat ya to it budgie as I emailed David Clegg yesterday about bank charges

[Curlyben]

Re: The coalition government's plans - sounds good

Nattie, the SC was referring to the assessment of the charges as to price, they didn't actually comment if they where fair or not.

[natweststaffmember]

Re: The coalition government's plans - sounds good

I was being devil's advocate with regards to the banks' own opinion.

[Amethyst]

Re: The coalition government's plans - sounds good

9 The Government has received strong representations from respondents that there is a role for the Post Office to provide a weekly budgeting account. The Government intends to make available a weekly budgeting account through the Post Office. This would help people on low incomes to manage their household budgets, and save money by taking advantage of the discounts available for using direct debit to pay their utility bills. Work has started on how to make this account a reality, including working with utility companies on the role they can play in developing the account.

March 2010 Post Office Banking Government Response to Consultation

Just for interest.


The POCA should not be accessible to companies or vulnerable to charges in any way - if they can work this out without opening POCA customers to charges, unfairness, errors etc, then all for it. If not, leave it alone. Will need some decent consultation and to be honest they would be better stopping utility companies charging premiums to people who dont pay by DD all round rather than using it to force more people to use DD. Am happy with keycard and paypoint systems if they can make the prices fair to all then its not needed.

[Budgie]

Re: The coalition government's plans - sounds good

Oh, and beat ya to it budgie as I emailed David Clegg yesterday about bank charges

Would that be DAVID CLEGG funeral directors in Merseyside !!!!!!!!!!!!!

Presume you mean Nick Clegg

But the more the merrier

[natweststaffmember]

Re: The coalition government's plans - sounds good

LOL, I keep getting David Cameron and Nick Clegg mixed up cos they seem to be joined at the hip. I was of course referring to the union known as David(conservative) Clegg(libdem)....it was in the coalition agreement I read, pmsl